Templeton Russia and East European Fund, Inc. ("TRF") Announces Distribution

From:

Franklin Templeton Investments

Contact:

Lisa Gallegos

Telephone:

(650) 312-3395

Fort Lauderdale, Florida, May 19, 2003 -- Templeton Russia and East European Fund, Inc. (NYSE: TRF) today announced a distribution totaling $0.3902 per share, payable on June 17, 2003 to shareholders of record on June 3, 2003 (Ex-Dividend Date: May 30, 2003).

This distribution consists of $0.0269 per share from short-term capital gains and $0.3633 per share from long-term capital gains.

The Fund's investment adviser is Templeton Asset Management Ltd., an indirect wholly owned subsidiary of Franklin Resources, Inc. (NYSE: BEN), a global investment organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management services through its Franklin, Templeton, Mutual Series and Fiduciary Trust subsidiaries. The San Mateo, CA-based company has over 50 years of investment experience and more than $267 billion in assets under management as of April 30, 2003. For more information, please call 1-800/DIAL BEN® (1-800-342-5236).